Repurposing the Product

I had opportunity to talk with an inventor/entrepreneur recently. He had this neat little device that would wake a person with chronic heartburn if they were to slip into a position prone to creating the problem while sleeping. Unfortunately, I don't see a need for it. There are several inexpensive drugs that can alleviate the problem without being woken during the night.

As a business strategist, I looked at competitors and potential markets and determined the device did have legs, but only if it was designed and marketed for entirely different uses. Without going into details, I repositioned the product through repurposing it as an alert system with numerous applications in areas with few alternatives in the anticipated price range.

Recently I discovered through a very dedicated research doctor that there are drugs and devices with little economic value to large drug and device manufacturers due to expired patents or a host other business reasons that through repurposing, could have enormous potential for alleviating human suffering around the world. He's started a foundation to do just that, raise funds to repurpose drugs and devices. The beauty of the approach is that most of these options have already passed FDA inspection and have been tested clinically. The foundation seeks funds for the process of repurposing, relatively inexpensive compared to new drug development.

As a human being, I'm psyched at the prospects of such a foundation. As a business strategist, I'm equally thrilled at the prospect of developing the systems required by this foundation to succeed. The entity will be in an eternal state of business development, constantly monitoring available drugs and devices ready for repurposing, constantly monitoring medical needs and pairing with donor desires. The business will have to brand itself as a rapidly evolving machine that can change mission to match market needs and develop appropriate marketing strategies in weeks or days. And it has to do all of this while keeping true to the vision of the foundation.

It should be a thrilling ride. I'll keep you posted.